The ANCHOR Program in New Jersey is designed to provide property tax relief for eligible homeowners and renters. Managed by the New Jersey Treasury’s Division of Taxation, this program offers up to $1,750 stimulus check to qualified residents to help offset property taxes on their primary residence. This initiative comes at a critical time, as many residents are grappling with financial challenges due to high living costs.
The main goal of the ANCHOR program is to ease the property tax burden for New Jersey residents who live in and pay taxes on their primary homes. The program is open to both homeowners and renters, though the amount of relief varies depending on income and whether the applicant is a homeowner or renter. Stimulus checks of up to $1,750 provide a meaningful financial break for families, particularly for seniors who often face steep fixed costs.
Who qualifies for this stimulus check?
Eligibility for the ANCHOR program is determined by several key criteria. To be considered for the stimulus checks, applicants must meet the following requirements:
To qualify for the $1,750 stimulus check, applicants must be U.S. citizens and residents of New Jersey. Additionally, the property for which the taxes are being paid must be the applicant’s primary residence. This means that second homes or rental properties are not eligible for the program. Vacation homes or properties that the owner rents to others are excluded from receiving benefits under this program.
Homeownership before October 2021
Another important eligibility criterion is that applicants must have owned their home before October 10, 2021, and have paid property taxes in that year. This rule ensures that applicants have been contributing to property taxes for a significant period before seeking stimulus relief.
Income limits
Income is a crucial factor in determining the amount of the stimulus check. For those with a gross income of up to $250,000 annually, the program offers varying levels of relief depending on the applicant’s age and income bracket. The lower the income, the larger the benefit provided.
Payment structure
The ANCHOR program breaks down payments into different categories based on income and age. Here’s how the payments are structured:
If your gross income is $150,000 or less:
- You can receive $1,750 if you’re 65 years old or older.
- You’ll get $1,500 if you’re 64 years old or younger.
- If your gross income is between $150,001 and $250,000:
- $1,250 is available to those 65 or older.
- $1,000 will be awarded to those aged 64 or younger.
This structure ensures that those in the greatest need, particularly retirees living on fixed and limited incomes, receive the maximum benefit available.
How to apply for the ANCHOR program?
There are three main ways to apply for the ANCHOR program stimulus check. Applicants can choose the method that works best for them:
- Online application: This is the fastest and most efficient method. Applicants should visit the official New Jersey Treasury website (https://www.nj.gov/treasury) and fill out the corresponding application form online.
- Phone application: Residents can also call the New Jersey Treasury’s Division of Taxation for assistance with submitting their application over the phone.
- Mail-in application: While this method is less common these days, applicants can still send in their paperwork by mail. However, it’s important to note that this method may take longer to process.
The online option is recommended, as it allows for a faster review process and reduces the waiting period for receiving the benefit.
